#THE BENGAL BONDED WAREHOUSE ASSOCIATION ACT, 1854 

##ACT NO. V OF 1854 

[Passed on the 10th February,1854.]

1. Repeal ss. 12, 14, 32, and 37, of Act 5 of 1838.

2. Business to be managed by six Directors, three to be quorum. 

3. Directors to go out of office before annual meeting of May in new election to be made then, and old 
Directors to be re-eligible.

4. Qualification of Director, 5 shares in his own right. 

5. Ordinary General Meeting to be held twice a year, and when : and may declare dividend, but not 
out of capital. 

6. Empowers Association to make By-laws. 

7. Corporation may be dissolved after 5 years from date of order to that effect, but no such order to 
be made till after 14th March, 1860. 

An Act to amend Act No. V. of 1838, relating to the Bengal Bonded Warehouse Association. 

Whereas the Bengal Bonded Warehouse Association are desirous that the provision of Act No. V. of 
1838 should be amended, and it appears reasonable that such amendment should be made; It is enacted as 
follows: 

I. Section XII. XIV., XXXII. And XXXVII. Of the said Act are hereby repealed.

II.The business of the said Association shall be managed by six Directors, three of whom shall from a 
quorum. 

III. The two Directors who are to go out of office by rotation in every year shall go out of office in 
the  month  of  May,  before  the  holding  of  the  ordinary  General  Meeting  of  proprietors  directed  to  be 
holden  in  that  month,  and  at  such  ordinary  General  Meeting  two  Directors  shall  be  chosen,  and  the 
Directors so going out of office or either of them shall be capable of being re-elected in the same year at 
such General Meeting.

IV.  No  person  shall  be  capable  of  being  a  Director  of  the  said  Association  who  shall  not  be  a 
proprietor in his own right of Five shares of the Capital Stock of the said Association. 

V. Ordinary General Meetings of the said proprietors shall be held at least twice in every year, that is 
to  say,  on  the  second  Wednesday  in  the  month  of  May,  and  the  second  Wednesday  in  the  month  of 
November,  and  at  every  such  ordinary  Meeting  the  Directors  of  the  said  Association  shall  present  a 
Report in writing of the state of the affairs of the said Association and a balance sheet; and such General 
Meeting may declare a dividend out of the profits of the said Association, provided that no dividend shall 
be made which shall diminish the capital of the said Association. 

VI.  It  shall  be  lawful  for  the  said  Association  to  make  Bye-laws  for  the  Regulation  of  its  own 
proceedings, which Bye-laws shall be binding only on its own Members and Officers, provided that no 
such Bye-law shall be valid till its shall have been approved of by one extraordinary General Meeting of 
proprietors specially convened for that purpose, provided also that no such Bye-law shall be valid till it 
shall have been confirmed by the Governor of the Presidency of Fort William in Bengal. 

VII.  At  any  time  after  the  14th  day  of  march  1860,  it  shall  be  lawful  for  the  Governor 
General  of  India  in  Council  by  an  order  in  council  to  direct  that  the  said  Association  shall  be   
dissolved at the expiration of five years from the date of such order, and such order shall of itself 
have the effect of dissolving the said corporation at the expiration of the said space of five years, 
except for the purposes mentioned in Section XXXIX., Act No. V. of 1838.